The Department originally commissioned PwC in 2022 to assess the different options for the long–term management of its loan book. In line with PwC’s advice, the Department decided to retain management of the loan book in–house, with day–to–day management through the loan agents, supplemented by appointing a managed service provider.15 7 Qq 3–7, 13, 21, 52, 83; C&AG’s Report, paras 11, 2.2 and 2.10 8 C&AG’s Report, paras 3, 9, 1.15 and 2.3 9 Qq 54, 55, 60; C&AG’s Report, paras 10 and 1.16 10 Q...

The Department originally commissioned PwC in 2022 to assess the different options for the long–term management of its loan book. In line with PwC’s advice, the Department decided to retain management of the loan book in–house, with day–to–day management through the loan agents, supplemented by appointing a managed service provider.15 7 Qq 3–7, 13, 21, 52, 83; C&AG’s Report, paras 11, 2.2 and 2.10 8 C&AG’s Report, paras 3, 9, 1.15 and 2.3 9 Qq 54, 55, 60; C&AG’s Report, paras 10 and 1.16 10 Qq 53, 54, 57 11 Q 43 12 Q 55; Letter from DCMS Permanent Secretary, 25 February 2025 13 Q 63; C&AG’s Report, para 2.7 14 Qq 3, 14–16, 20, 21, 27 15 Lette Type: conclusion | Number: 10 | Response status: not_addressed Government response: 1.4 The department took steps to ensure it had a robust model in place, having analysed a range of options and taken external advice. This has ensured that the department has received 97% of the repayments scheduled at the date of the NAO report, which demonstrat